USD/JPY struggling to advance further – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, the pair’s upside could struggle to gather further momentum.

Key Quotes

USD/JPY is stalling at the September high at 104.32 – there are some signs that we are likely to struggle to achieve a further push higher currently. We note the divergence of the daily RSI, and the slow stochastics, which are rolling over. Above 104.63 targets the May low at 105.55.We suspect that this will hold the initial test as we note the weekly imoku 2 lies 105.45 (cloud resistance)”.

“Slips should find support between the 102.79 September 21 high and the 55 day moving average at 101.93”.

“Longer term we suspect that the market is basing and target the 107.49 July high and the 200 day ma at 107.80 at this stage”.

 

  • 1 Week
  • 1 Month
  • 1 Quarter

1 Week Avg Forecast 103.27 100.0%88.0%44.0%04050607080901000  

  • 44% Bullish
  • 44% Bearish
  • 11% Sideways

Bias Neutral 1 Month Avg Forecast 103.16 100.0%61.0%15.0%01020304050607080901000  

  • 15% Bullish
  • 46% Bearish
  • 38% Sideways

Bias Bearish 1 Quarter Avg Forecast 104.07 100.0%60.0%20.0%020304050607080901000  

  • 20% Bullish
  • 40% Bearish
  • 40% Sideways

Bias Bearish

 

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